Key regions: Spain, China, Canada, India, South Korea
The Rice Market in the Bread & Cereal Products Market of The Food market in Vietnam has been growing at a minimal rate, influenced by factors such as low demand due to traditional dietary habits and limited adoption of digital technologies in the agricultural sector.
Customer preferences: In recent years, there has been a growing demand for organic and sustainably-grown rice in Vietnam. This trend is driven by the increasing awareness and concern for environmental and health issues, as well as a desire for higher quality and more nutritious food options. Additionally, with the rise of health-conscious and environmentally-conscious consumers, there has been a shift towards choosing rice varieties that are free from pesticides and chemicals, as well as those produced using eco-friendly and ethical farming practices. This shift towards sustainable and healthier rice options reflects the changing values and priorities of the Vietnamese market.
Trends in the market: In Vietnam, the Rice Market of the Bread & Cereal Products Market within The Food market is experiencing a surge in demand for organically grown rice. This trend is driven by consumers' growing awareness of the health and environmental benefits of organic products. In addition, the government's efforts to promote sustainable agriculture and support local farmers have contributed to the increase in organic rice production. This trend is expected to continue, with more companies investing in organic rice production and consumers willing to pay a premium for these products. This shift towards organic rice has significant implications for industry stakeholders, as it presents opportunities for market growth and differentiation strategies. It also highlights the importance of sustainability and ethical sourcing for consumers in the Vietnamese market.
Local special circumstances: In Vietnam, the Rice Market of the Bread & Cereal Products Market within The Food market is heavily influenced by the country's rich agricultural heritage and its geographical location in the heart of Southeast Asia. With a large portion of the population relying on rice as a staple food, the market is highly competitive and dominated by local producers. Additionally, government regulation plays a significant role in the market, with policies implemented to support and protect domestic rice production and consumption. This creates a unique market dynamic compared to other markets, as imported rice faces high tariffs and strict regulations, making it less competitive in the Vietnamese market.
Underlying macroeconomic factors: The Rice Market of the Bread & Cereal Products Market within The Food market in Vietnam is heavily influenced by macroeconomic factors such as government policies, global trade agreements, and consumer preferences. The country's strong economic growth and increasing disposable income have resulted in a shift towards a more Westernized diet, leading to a higher demand for rice and other cereal products. Additionally, Vietnam's participation in international trade agreements has opened up new markets for rice exports, further driving the growth of the industry. However, challenges such as climate change and fluctuating global prices for rice continue to impact the market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).Modeling approach:
Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.
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